Is BTC reaching 8940 - 9300 resistance zone? Watch the tunnel

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi Guys.

Last couple of days we had a nice green growth. Finally!
Right now small corrections. What's next? Are we going up or down? What to do?
Let`s find out what has to happen to go up to 9000$ level and what is the sign we are jumping into downward trend again.

First of all, according to our last fundamental analysis of BTC (link down below) we think we won't go lower as 5800$. For more details click our previous analysis.
We identified here cup with handle shape - if it happens this is very bullish .
According to technical analysis we have to wait to break the handle tunnel.

Scenario 1:
If we break before mentioned tunnel downwards we can expect to have 7500$ level (ideally retrace up to 1/3 of the cup's advance).
Again if we break 7500 $ down we have to be ready for drop down to 6900-7000 $ level.

Scenario 2 :
If we break the tunnel upwards we can expect to reach resistance zone which is between 8940-9300 $. :)
Watch the volume which should be rising.

Scenario 3:
If we touch 7500% which is perfectly correct according to technical analysis we can bounce back towards breakout level which is at 8355 %.
After passing breakout we can reach again 8940-9300 $ zone.
Watch the volume which should be rising.

Other technical analysis details:
  • MACD positive convergence
  • RSI poitive convergence trend
  • RSI stoch - oversold zone - awaiting for bull's cross

We will keep you posted and stay positive.
Sometimes sun, sometimes rain. This is so normal. :)

WBM Team
Apr 19
Comment: Guys. We have to wait. We are going sideways. Theory says we are in the accumulation phase but intuition tells me before mooning we will dip again . Not deeper than 5800-7000$. Dont worry and be observant.
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@WBM_Team thanks for your work! do you still think BTC will retrace to the $5800-$7000?
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